FMCG News 5

Cleavers’ Meats

Following the success of Cleaver’s paleo beef sausage in its first few months of launching, Cleaver’s has partnered with paleo advocate and chef, Pete Evans, for the new products & are in line with the paleo guidelines.

The range is available at Coles, Woolworths, and Thomas Dux stores across NSW, Queensland & Victoria.

Source: Inside FMCG

Freedom Foods

Cereal and snacks maker, Freedom Foods, is tapping investors for $65 million to help it buy its smaller rival Popina and build a new processing plant.

News of the capital raising came as Freedom reaped $28 million from selling down its stake in New Zealand’s a2 Milk, reducing its holding to just over 10% from 19%.

The fresh funds will help Freedom buy Victorian-based cereal and snacks maker Popina in a $35 million deal that will allow it to expand its manufacturing operations. Freedom plans to build a new UHT processing facility in NSW, saying its existing non-dairy UHT capabilities are constrained and restricting growth and financial returns.

Meanwhile, Freedom has sold 42.5 million shares in a2 Milk at 73 NZ cents each in an on-market trade carried out just three months after the NZ milk company rejected its takeover offer. The net proceeds will be invested into income producing assets consistent with Freedom Foods’ growth strategy,” the company said.

Freedom retains a holding of 75.2 million shares and intends to maintain a strategic stake in a2.

Shares in a2 Milk were two cents lower at 71 cents at 1139, while Freedom’s shares were in a trading